Global Bank Fines a Simply Eye Watering Figure

Tuesday 13 October, 2020 Written by 
Global Bank Fines a Simply Eye Watering Figure

BANK FINES - New research released today by Finbold reveals which banks globally faced the biggest fines imposed by the regulators on a Year-to-Date (YTD) basis, as well as the total combined bank fines by countries.

You can view the research in full here:

https://finbold.com/bank-fines-2020/

Fines were imposed by regulators for breaches of different protocols like Anti-Money Laundering (AML), violation of Know Your Customer (KYC) and operating guidelines, personal data leaks, among others. The data was sourced from various publicly available sources.

The top ten banks with the biggest fines imposed by the regulators:

Rank

Bank

Country

Total Fine in Billion $USD

1

Goldman Sachs

US

$3.97

2

Wells Fargo

US

$2.96

3

Westpac

Australia

$0.9

4

Bank Hapoalim

Israel

$0.89

5

Swedbank

Sweden

$0.42

6

Citigroup

US

$0.39

7

Deutsche Bank

Germany

$0.14

8

Scotiabank

Canada

$0.12

9

TD Bank

US

$0.12

10

SEB bank

Sweden

$0.11

Other key findings from this report include:

  • Global banks fined $10.54 billion in 2020 YTD
  • The US banks racked up $7.61 billion in fines in 2020, 72.2% of $10.54 billion of all banking fines globally
  • In the US, seven separate banks were fined
  • The most common violation is Anti-money laundering breaches
  • In total, over 30 banks globally were fined with a bigger than 500k EUR fine in 2020 YTD.
Investment Banking - Goldman Sachs 2020 Investor Day

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